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Ball Europe - Accounting entry not included in tax return sufficient to preclude discovery assessment

Published on 30 March 2021. By Harry Smith, Senior Associate

In Ball Europe Ltd v HMRC [2021] UKFTT 23 (TC), the First-tier Tribunal (FTT) has held that the presence of amounts in a taxpayer's accounts but not its tax return was sufficient for a 'hypothetical officer' of HMRC reasonably to be expected to be aware of a tax insufficiency and this prevented HMRC from issuing a valid discovery assessment

It's Cocoa, Jim, but not as we know it: Court's modern interpretation of underwriters' and brokers' duties #1 - An overview of the case

Published on 30 March 2021. By Tim Bull, Partner and Matthew Wood, Senior Associate and Elizabeth Singleton, Associate (Australian Qualified)

In this series of articles we take a look at the decision in ABN Amro Bank N.V. v Royal & Sun Alliance plc and 13 Underwriters and Edge Brokers (London) Limited. In this article we give an overview of the case. The remaining articles will focus on particular areas of the case, these will be: 1. Underwriters' duties 2. Brokers' duties 3.Witness evidence

Time to hit the reset button

Published on 29 March 2021. By Simon Laird, Global Head of Insurance and Peter Mansfield, Partner

The insurance industry is uniquely placed to confront issues, such as climate change, rather than simply picking up the pieces from disaster.

Sports Ticker (26 Mar 2021) - Women's Super League, FIFA influencer advertising and the Six Nations

Published on 26 March 2021. By Jeremy Drew, Head of TMT and Joshua Charalambous, Senior Associate and Stuart Harris, Associate and Samuel Coppard, Associate

Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.

Life sciences and the Brexit trade agreement of Christmas Eve 2020

Published on 26 March 2021. By Peter Rudd-Clarke, Legal Director

As the nation prepared for muted Christmas celebrations at the end of last year, those in industry were able to feast on the Trade and Cooperation Agreement settled between the EU and UK on 24 December 2020 (the TCA). The TCA concluded months of uncertainty for the life sciences sector. Companies had been waiting to see how far the UK government would go in agreeing to follow EU standards concerning medicines and medical devices. By the time the EU and UK finally agreed the TCA, questions over life sciences regulations had rocketed up the agenda against a backdrop of vaccines and treatments developed to combat Covid-19.

V@ update - March 2021

Published on 25 March 2021. By Adam Craggs, Partner and Rebekka Sandwell, Senior Associate

Welcome to the March 2021 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.

Spotlight on private wealth - March 2021

Published on 25 March 2021. By Adam Craggs, Partner and Geraldine Elliott, Global Head of Commercial Disputes and Davina Given, Partner and Emma West, Senior Associate

Our quarterly update is designed to keep you up to speed with developments in the private wealth world.

Asia: How staying-at-home has driven retail F&D collaborations

Published on 25 March 2021. By Jeremy Drew, Head of TMT and Karen Hendy, Head of Corporate

Recent social unrest and the COVID-19 pandemic have accelerated the emergence of a new “stay-at-home economy” for groceries and fresh produce in Hong Kong.

The long arm of HMRC

Published on 24 March 2021. By Adam Craggs, Partner and Alice Kemp, Senior Associate (Employed Barrister)

Adam Craggs and Alice Kemp outline the powers HMRC has at its disposal when conducting a criminal rather than civil investigation.

Stamp Duty Holiday. Not a "holiday" for conveyancers.

Published on 24 March 2021. By Layla Todd, Associate

In an attempt to prevent the housing market from stalling during the COVID 19 pandemic, a stamp duty holiday was announced for all residential purchases under £500,000 between 8 July 2020 and 31 March 2021.

Need for reasonable enquiries upon receipt of potentially confidential information

Published on 24 March 2021. By Carolin Mester , Associate and Chris Ross, Partner

The Court of Appeal recently held that a recipient of information will be bound by a duty of confidentiality if it was reasonable for them to have made enquiries as to the confidential nature of the information and they failed to do so (Travel Counsellors Ltd v Trailfinders Ltd [2021] EWCA Civ 38).

Employment Law Changes in 2020 and What to Expect in 2021

Published on 24 March 2021. By Andrea Randall, Partner

2020 has brought about a significant number of changes to working life in Hong Kong. In light of the protests and COVID-19, there has been a widespread adoption of working from home ("WFH"). In addition, there has been new legislation enhancing the statutory rights of employees. In this article, we provide a review of these changes in 2020 and set out what we are to expect in 2021.

Quentin Skinner – shares sold by trusts not eligible for entrepreneurs' relief

Published on 24 March 2021. By Rebekka Sandwell, Senior Associate

In HMRC v The Quentin Skinner 2005 Settlement L and others [2021] UKUT 29 (TCC), the Upper Tribunal (UT) has held that, for the purposes of entrepreneurs' relief (ER) (now business asset disposal relief), section 169J(4), Taxation of Chargeable Gains Act 1992 (TCGA) requires a beneficiary to have been a qualifying beneficiary throughout a period of one year ending no earlier than three years before the date of disposal of settlement business assets by the trustees.

A look at the Zong Massacre

23 March 2021

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is Trevor Burnard and we will be discussing the most notorious insurance coverage case in history, Gregson v Gilbert also known as 'The Zong Massacre'. Trevor is the Wilberforce Professor of Slavery and Emancipation at the University of Hull and the Director of the Wilberforce Institute.

Regulatory update - March 2021

Published on 22 March 2021. By Gavin Reese, Partner

Welcome to the March edition of the Regulatory update, which pulls together recent developments from across the UK’s regulators – to help you navigate the regulatory maze.

The future of judicial reviews… and what it means for your business

22 March 2021

Described by a previous guest on Taxing Matters as “the last bastion of the citizen against the Government", the importance of judicial reviews cannot be overstated.

Insurance M&A and financing Q1 2021

Published on 22 March 2021. By James Mee, Partner

This blog considers insurance M&A and financing trends over the past 12 months.

FCA publishes finalised guidance for firms on the fair treatment of vulnerable customers

Published on 22 March 2021. By Claudia Schlossberger, Paralegal

In February 2021, the FCA published guidance on the fair treatment of vulnerable customers with the aim of improving their customer experience.

BEIS issues White Paper: D&O perspective

Published on 19 March 2021. By Simon Goldring, Partner and Cristina Faro, Associate

The Department for Business Energy and Industrial Strategy (BEIS) has today released its White Paper, setting out its proposals for audit reforms and corporate governance, entitled "Restoring trust in audit and corporate governance".

Financial CrimeCast: Sue Scott

Published on 19 March 2021. By Sam Tate, Partner and Emily Pica, Associate (Australian Qualified)

Welcome to Financial CrimeCast. In this series, the Centre for Legal Leadership, supported by RPC, talks to leaders in the field of financial crime, compliance and ethics. Guests discuss their career journey, what they have learnt along the way and the financial crime issues they see on the horizon.

RPC Bites #27 - Government 'anti-obesity deadlines' are near on impossible warn retailers and further red tape angst is on the cards for composite food products

Published on 18 March 2021. By Ciara Cullen, Partner and Ben Mark, Partner

Welcome to RPC Bites. Our aim in the next 2 minutes is to provide you with a flavour of some key legal, regulatory and commercial developments in the Food & Drink sector over the last fortnight… with the occasional bit of industry gossip thrown in for good measure. Enjoy!!

Coming to America: United States market entry tips

Published on 18 March 2021. By Jeremy Drew, Head of TMT and Karen Hendy, Head of Corporate

Most global retailers have contemplated entering the United States market – possibly just because of the sheer scale of the market. American retailers rang up almost $5.5 trillion (£4.1 trillion) in sales in 2019. Plus, for luxury sellers, the US market makes up a huge portion of overall global sales. Additionally, the impact that American consumers have on worldwide traditional and social media is tremendous, which amplifies the value of their purchases of your products.

Oh (no) Polly – clothing brand infringed the design rights of a direct competitor the High Court finds

Published on 17 March 2021. By Sarah Mountain, Senior Associate and Ellie Ward, Associate

The High Court has held that G4K Fashion Limited, trading as 'Oh Polly', has infringed UK unregistered design rights (UKUDR) and community unregistered design rights (CUDR) owned by Original Beauty Technology Company Limited (Original Beauty) by copying several of its 'bodycon' and 'bandage' garments. Original Beauty was, however, unable to establish passing off.

COVID-19 – Key vaccine considerations for employers

Published on 17 March 2021. By Andrea Randall, Partner

There have been a number of articles which have considered Hong Kong employers' rights to direct their workforce to be tested and vaccinated against COVID-19. The general consensus amongst legal practitioners in Hong Kong is that there is no statutory right to direct an employee to undergo testing and vaccination.

Atholl House Productions: BBC Presenter wins IR35 case

Published on 17 March 2021. By Constantine Christofi, Senior Associate

In HMRC v Atholl House Productions Ltd [2021] UKUT 0037 (TCC), the Upper Tribunal (UT) held that IR35 did not apply to a presenter who provided services to the BBC through a personal service company.

Cyber_Bytes - Issue 30

Published on 16 March 2021. By Richard Breavington, Partner and Daniel Guilfoyle, Partner and Ian Dinning, Senior Associate and Rachel Ford, Senior Associate and Christopher Ashton, Senior Associate and Bethan Griffiths, Senior Associate and Ridvan Canbilen, Associate

Welcome to Cyber_Bytes, our bi-weekly round up of key developments in cyber, tech and evolving risks.

FCA guidance on cancellations and refunds

Published on 15 March 2021. By Whitney Simpson, Senior Associate

COVID-19 disruption has caused an unprecedented number of cancellations of trips, holidays, and other events. On 2 April 2021, the temporary guidance which the FCA published in October 2020 setting out its expectations for insurance and card providers, is due to come to an end.

Sunak's new Super-Deduction – now is the time for retail investment?

Published on 15 March 2021. By Ben Roberts, Partner

A significant measure with the potential to benefit the retail industry was announced by the Chancellor last week as part of the Spring Budget. This will take the form of a new 'super-deduction', available from April for a limited 2-year period.

Sports Ticker (12 Mar 2021) - Rugby World Cup, Fenway Sports Group and Dettol

Published on 12 March 2021. By Jeremy Drew, Head of TMT and Joshua Charalambous, Senior Associate and Stuart Harris, Associate and Samuel Coppard, Associate

Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.

SPACs Invaders – Implications for D&O insurers

Published on 12 March 2021. By Simon Goldring, Partner

The EU's former Financial Services Commissioner, Lord Hill, has delivered the anticipated UK Listing Review which contains recommendations for reform of the UK's current listing regime. This included changes to listing rules with a focus, amongst other things, on special purpose acquisition vehicles (SPACs). SPACs are more flexible than formal IPOs and are used to raise capital in order to merge with/acquire another company. In the US, commentators predict an increase in securities claims involving SPACs, so this development is potentially relevant to London market D&O insurers.

Spring Budget 2021 – spend now, tax later?

Published on 11 March 2021. By Ben Roberts, Partner

Time for action on abusive card charges

Published on 11 March 2021. By Jeremy Drew, Head of TMT and Karen Hendy, Head of Corporate

Eyes will be on the British government in 2021 to start paving a new and substantially different pathway for the UK which holds enough merit to justify the upheaval, bitterness and loss caused by its advocacy and delivery of Brexit. One relatively uncontroversial area is the reform of regulation governing retail payments in the UK.

Ditton – HMRC cannot issue daily late filing penalties retrospectively

Published on 10 March 2021. By Alexis Armitage, Associate

In Ditton v HMRC [2021] UKFTT 489 (TC), the First-tier Tribunal (the FTT) held that daily late filing penalties, where notice was given by HMRC to the taxpayer after the period in respect of which the penalties were issued, were void; confirming that late filing penalties cannot be issued to taxpayers retrospectively.

The RICS key to unlock the market?

Published on 09 March 2021. By Alexandra Anderson, Partner

In December 2019, the RICS launched a new form, the EWS1, to assist with the process of valuing properties within all residential buildings over six storeys (18 metres). In the wake of the Grenfell Tower tragedy, lenders were needing to understand whether materials used for cladding/insulation were safe and would require remediation at a cost that would have impact on the value of the property. The EWS1 form was intended to provide a quick route to ascertain whether works were required that might have an impact on value.

Taxing Matters: International Women's Day Special

08 March 2021

March 8th is International Women's Day, and to mark the occasion this special episode of the Taxing Matters podcast features five empowering women who have all strived to encourage diversity and inclusion in the workplace.

HMRC Crackdown on Covid-19 Fraud

Published on 05 March 2021. By Adam Craggs, Partner and Michelle Sloane, Partner and Alice Kemp, Senior Associate (Employed Barrister)

In the March 2021 Budget, Chancellor Rishi Sunak announced the creation of a new major fraud taskforce, the Taxpayer Protection Taskforce, established as part of a wide-reaching crackdown on criminals exploiting UK government support schemes. The new taskforce represents one of the all-time largest responses to a fraud risk by HMRC.

Helpful guidance on the role of statements of case and Lists of Issues for Disclosure in applications to vary an order for Extended Disclosure under the Disclosure Pilot Scheme

Published on 05 March 2021. By Parham Kouchikali, Partner and Sinead Westaway, Associate

The High Court in HMRC v IGE USA Investments Ltd and Ors [2020] EWHC 1716 (Ch) confirms jurisdiction to order specific disclosure under the Disclosure Pilot Scheme is not confined to issues identifiable from statements of case and where there is no agreed or approved List of Issues for Disclosure.

RPC Insurtech in brief – March 2021

Published on 05 March 2021. By Neil Brown, Partner and Lauren Murphy, Associate

Welcome to the latest edition from RPC of Insurtech in brief, providing you with a handful of snappy monthly updates from the industry.

RPC Bites #26 - A welcome ASA ruling for HFSS products, the Scotch Whisky industry is calling and the decision to regulate the CBD industry in the UK.

Published on 04 March 2021. By Ciara Cullen, Partner and Ben Mark, Partner

Welcome to RPC Bites. Our aim in the next 2 minutes is to provide you with a flavour of some key legal, regulatory and commercial developments in the Food & Drink sector over the last fortnight… with the occasional bit of industry gossip thrown in for good measure. Enjoy!!

Does an expert owe a fiduciary duty to its client?

Published on 04 March 2021. By Simon Hart, Partner and Alexandra Shearer, Associate (Australian Qualified)

For the first time, the Court of Appeal has considered the duties of an expert concurrently engaged on two potentially conflicting disputes. While this case involved an unusual set of circumstances, it provides an interesting review of the duties owed by expert witnesses to their clients and the Court, and highlights important considerations for those engaging expert witnesses and drafting engagement letters Secretariat Consulting Pte Ltd, Secretariat International UK Ltd, Secretariat Advisors LLC v A Company.(1)

Tax Bites - March 2021

Published on 04 March 2021. By Adam Craggs, Partner and Harry Smith, Senior Associate

Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.

New year, new strategy – what to expect in a post-pandemic retail landscape

Published on 04 March 2021. By Karen Hendy, Partner and Jeremy Drew, Partner

Most importantly, retailers and brands must be ready to change and evolve to meet the rapidly shifting demands of consumers.

What makes a good underwriter

04 March 2021

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is Ben Bolton, Managing Director of Gracechurch Consulting and we will be discussing what makes a great underwriter.

UK Listing Review wants companies to stay at home

Published on 04 March 2021. By Connor Cahalane, Partner and Karen Hendy, Head of Corporate

Recommendations will make it easier to list and fundraise on the London Stock Exchange

SSE Generation – Taxpayer's capital allowances victory marred by procedural issue

Published on 03 March 2021. By Harry Smith, Senior Associate

In HMRC v SSE Generation Ltd [2021] EWCA Civ 105, the Court of Appeal (CA) upheld the Upper Tribunal's (UT) decision that expenditure on parts of a hydroelectric power scheme was eligible for capital allowances, save for one element in respect of which the taxpayer had failed to seek permission to appeal part of the First-tier Tribunal's (FTT) decision.

A new cause of action can only be introduced by amendment if it arises out of substantially the same facts that remain in issue at the time of the amendment

Published on 02 March 2021. By Geraldine Elliott, Global Head of Commercial Disputes

Pleadings that have previously been struck out cannot be used to introduce a new, limitation-barred claim that arises out of substantially the same set of facts as the struck out claim according to the Court of Appeal in Libyan Investment Authority v King [2020] EWCA Civ 1690.

False statements in a bill of lading and the indemnities to a master

Published on 02 March 2021. By Prakash Nair, Director

This Article discusses the recent decision of the English Court of Appeal in the case of “TAI PRIZE” [2021] EWCA Civ 87 on the industry practice of Masters signing bills of lading containing statements about the condition of the cargo, the threshold of the Master's inspection, whether they amount to representations and the consequences of the statements turning out to be false.

FOS and the Adams v Carey decision – where are we as the Court of Appeal hearing starts?

Published on 02 March 2021. By Rachael Healey, Partner

800 DB Transfer complaints to the FOS: A 44% increase in one year

Published on 01 March 2021. By Emma Murphy-O'Connor , Associate

The FOS have seen the number of complaints relating to defined benefit transfer advice increase by 44% since 2019. However, the proportion of decisions being upheld appears to have fallen.

Sanctions – A New World?

Published on 26 February 2021. By Robert Waterson, Partner and Harry Smith, Senior Associate

The new UK sanctions regime (SAMLA) replaces EU sanctions in the UK, and sits alongside UN sanctions and US sanctions as a factor for businesses to consider in planning their anti-corruption and compliance matters. In particular it can impose trade sanctions, travel sanctions and financial sanctions, with tough financial penalties for non-compliance.